The City of Peachtree City announced today its intention to raise property taxes by not rolling back the full impact of assessment increases of property values. The city millage rate for Maintenance & Operation (M & O) is scheduled to decrease from 6.043 mills to 5.983 mills, while
the City Bond millage rate is scheduled to remain at 0.000 mills. State law also requires governments to announce the percent increase over the roll-back millage rate if property values increase. As property values on the 2024 tax digest have increased, the roll-back millage rate for M & O was calculated to be 5.675 mills. The proposed M & O millage rate of 5.983 mills represents a 5.43% increase over the roll-back millage rate. The tax levy will generate approximately $23,618,694 or 7.52% more tax revenue than the 2023 levy, due to the combined impact of new growth, decline in motor vehicle values, and increased property values due to reassessments of existing property. The net M & O digest value increased by a total of $312,679,537 or 8.60% from 2023 to 2024.
Each year, the Tax Assessors Office is required to review the assessed value for property tax purposes of taxable property in Fayette County. When the trend of prices on properties that have recently sold in the County indicates there has been an increase or decrease in the fair market value of any specific property, the Tax Assessors Office is required by law to re-determine the value of such property and increase the assessment. This is called a reassessment.
When the total digest of taxable property is prepared, Georgia Law requires that a rollback millage rate must be computed that will produce the same total revenue from Real property on the current year’s new digest that last year’s millage rate would have produced had no reassessments to Real property occurred. As Real property values have increased, the M & O rollback millage rate of 5.675 is 0.308 mills lower than the proposed 2024 rate of 5.983.
Before City Council may set a final millage rate, Georgia Law requires that three public hearings be held to allow the public an opportunity to express their opinions on this increase. All concerned citizens are invited to the public hearings on this tax increase, to be held on the following dates. All meetings will be held at City Hall, 151 Willowbend Road in Peachtree City.
Public Hearings for City of Peachtree City
Thursday, October 10, 2024
9:00 a.m. and 1:00 p.m.
Thursday, October 17, 2024
6:30 p.m.
